Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14 Section 15 Section 16 Section 17 Section 18 Section 19 Section 20 Section 21 Section 22 Section 23 Section 24 Section 25

71.
A company cannot issue redeemable preference shares for a period exceeding

A. 10 years

B. 20 years

C. 30 years

D. 15 years

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72.
The following error will affect the Trial Balance

A. Error of partial omission

B. Error of principle

C. Error of complete omission

D. All of the above

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73.
Income includes

A. Income earned

B. Income received

C. Income receivable

D. All of the above

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74.
Cash Account is

A. Personal account

B. Real account

C. Nominal account

D. None of the above

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75.
Heavy amount spent for the advertisement of new company product is

A. Revenue expenditure

B. Deferred Revenue expenditure

C. Capital expenditure

D. Either 'a' or 'c'

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76.
Liability for bill discounted is a

A. Contingent liability

B. Fixed liability

C. Current liability

D. None of the above

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77.
Interest on debentures is calculated on

A. Purchase value of debentures

B. Market value of debentures

C. Face value of debentures

D. All of the above

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78.
The parties to joint venture are called

A. Friends

B. Principal and agent

C. Partners

D. Co-ventures

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79.
Under diminishing balance method, depreciation

A. Is constant every year

B. Increases every year

C. Decreases every year

D. None of the above

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80.
Legal expenses incurred on a suit for breach of contract to supply goods is a

A. Capital expenditure

B. Deferred Revenue expenditure

C. Revenue expenditure

D. Both 'b' and 'c'

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. A company cannot issue redeemable preference shares for a period exceeding

Answer & Solution

72. The following error will affect the Trial Balance

Answer & Solution

73. Income includes

Answer & Solution

74. Cash Account is

Answer & Solution

75. Heavy amount spent for the advertisement of new company product is

Answer & Solution

76. Liability for bill discounted is a

Answer & Solution

77. Interest on debentures is calculated on

Answer & Solution

78. The parties to joint venture are called

Answer & Solution

79. Under diminishing balance method, depreciation

Answer & Solution

80. Legal expenses incurred on a suit for breach of contract to supply goods is a

Answer & Solution

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71.
A company cannot issue redeemable preference shares for a period exceeding

72.
The following error will affect the Trial Balance

73.
Income includes

74.
Cash Account is

75.
Heavy amount spent for the advertisement of new company product is

76.
Liability for bill discounted is a

77.
Interest on debentures is calculated on

78.
The parties to joint venture are called

79.
Under diminishing balance method, depreciation

80.
Legal expenses incurred on a suit for breach of contract to supply goods is a